Australia to propose regulation of the cryptocurrency industry

Australia to propose regulation of the cryptocurrency industryd

By the end of October 2021, Australia's Senate committee to examine regulation of the cryptocurrency industry will voice regulatory recommendations. This was announced by New South Wales Liberal Senator Andrew Bragg at the virtual NFT Fest event.

Address to @BlockchainAUS @NFTFestAus - Australia’s digital asset plan is coming.

He said he hoped the plan would be approved regardless of the outcome of the federal election in 2022.

Bragg did not disclose details of the initiative, but said it would focus on protecting consumers, helping investors and promoting market competition. The senator also touched on the topic of the environment - in his view, the sector should work exclusively with renewable energy sources.

"I personally believe that the transition to a zero-emissions [emissions] economy is highly and strictly in our economic interest. And in the area of digital assets that use a lot of electricity, we want this to be based on renewable sources," Bragg stressed.

Earlier, the senator had called for the formation of the "right" regulation to maintain the country's competitive advantage and protect consumers.

In late July, the Australian Blockchain Association demanded a coordinated approach from the authorities to create a regulatory framework for the cryptocurrency industry.

As a reminder, the local Securities and Investments Commission warned investors against dealing with unregistered digital asset companies.

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